Litecoin Price Prediction: LTC/USD Faces Selling Pressure, Would That Continue?

Litecoin (LTC) Price Prediction – December 8

Litecoin fluctuates at the bottom of the chart between the levels of $42 and $50. The pair may face further selling if the low at $42 is breached.

LTC/USD Long-term Trend: Ranging (Daily Chart)

Key Levels:
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20

LTCUSD – Daily Chart

There has been no significant price movement as Litecoin fluctuates at the bottom of the chart. Litecoin has crashed to a low of $42 for the past two weeks. Expectations are rife that the coin may rebound. Surprisingly, the price movement has been stagnant as the market continues its consolidation. About a week ago, the coin was trading at $44 but today the market is still trading at $44 as at the time of writing. What happens is that there is an insignificant price movement to a high of $46.

The bulls were resisted at that price level but after a retest at $46, LTC dropped back to the low of $44. Litecoin is on a downward move. Further selling will occur if the bears break the previous low at $42. Litecoin is fluctuating at the bottom of the chart in a tightrange. Meanwhile, the Fibonacci tool has indicated that Litecoin is likely to reverse at the 1.272 extension level.

LTCUSD – 4-hour Chart

LTC/USD Medium- Term: Ranging (4-Hour Chart)
Early in November, the bulls made attempts to breach the resistance at $65. Same as other top cryptocurrencies, there are several ways to buy Litecoin via exchanges .The unsuccessful attempts by the bulls led to the formation of a bearish double top pattern. The coin dropped to a low of $42.50 and commenced a sideways move. The top forex brokers are have advised their customers to invest in lite coin for a good ROI.

The pair moves up again to test the resistance line but it is consolidating above $40 price level. The coin fluctuates between the levels of $42 and $50. Presently, the bears are testing the lower price range. The downtrend may resume if price breaks below the support line. The EMAs are sloping southward as the 12-day EMA is acting as a resistance.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.